Stock Market Update
28-Oct-26 11:05 ET
Sk Hynix sharply higher after earnings
Dow +72.77
at 52450.55,
Nasdaq -15.42
at 26482.83,
S&P +9.07
at 7731.74
[BRIEFING.COM] The major averages remain little changed from their previous levels.
SK hynix Inc. (SKHY 161.74, +16.38, +11.27%) is rallying following a strong earnings report, providing a lift to other memory-related names such as Micron (MU 970.98, +42.22, +4.55%). SKHY reported record Q3 operating profit and highlighted robust AI-memory demand, stronger pricing, and long-term customer agreements, with management expecting memory demand to outstrip supply through 2030. The strength is supporting the PHLX Semiconductor Index (+0.6%).
The gains come even as Seagate Tech (STX 671.75, +3.90, +0.58%) trades modestly lower despite beating earnings expectations and issuing above-consensus guidance. STX also highlighted strong hyperscaler demand and improving pricing, although slower sequential shipment growth appears to be tempering enthusiasm. The information technology sector (+0.1%) is little changed overall.
